Bank of Thailand Warns of Further Account Freezes Amid Sweeping Anti-Fraud Crackdown

Nationwide Crackdown Intensifies Against Online Fraud

The Bank of Thailand (BOT) has issued a warning that additional bank accounts could face freezes as authorities broaden their efforts to combat technology-related crime and address the issue of locked accounts. This comes as part of a comprehensive, nationwide crackdown initiated in August 2025, targeting online fraud, scams, and money laundering activities facilitated by 'mule accounts'.

The central bank, in collaboration with law enforcement agencies such as the Cyber Crime Investigation Bureau (CCIB) and the Ministry of Digital Economy and Society (DES), has already seen over 3 million bank accounts temporarily suspended. While aimed at disrupting criminal networks, this extensive operation has inadvertently affected a substantial number of innocent individuals, including online vendors, small businesses, and expatriates, causing widespread financial disruption.

Measures to Combat Financial Crime

The intensified measures are rooted in legislation such as the Royal Decree on Measures for the Prevention and Suppression of Technology Crimes (No. 2) B.E. 2568 (2025), which provides the legal framework for these actions. Key strategies implemented by the BOT and partner agencies include:

• Daily Transfer Limits: Strict daily transfer caps have been imposed across the banking system, ranging from 50,000 to 200,000 baht, with lower limits for vulnerable groups such as the elderly and minors.
• Enhanced Verification: Stricter Know Your Customer (KYC) procedures and biometric verification are now required for certain transactions and account activities.
• Central Fraud Registry (CFR): A new system designed to trace money trails and expedite the freezing of fraudulent accounts has been established.
• Shared Liability Framework: Banks, telecom operators, digital wallet providers, and social media platforms now share responsibility for losses from scams, encouraging proactive prevention.

Daranee Saeju, Assistant Governor of the BOT, confirmed that banks are freezing accounts under police orders targeting suspicious transactions. The BOT has also dismissed social media rumors suggesting that transferring money between one's own accounts could lead to freezes, labeling such claims as 'fake news'.

Addressing Public Outcry and Streamlining Unfreezing

The widespread freezes have led to public panic, with some businesses reportedly reverting to cash transactions to avoid potential account suspensions. In response to growing concerns, the BOT and other authorities have pledged to streamline the process for innocent users to regain access to their funds.

Wisit Wisitsora-at, Secretary of the DES, urged the public 'not to panic,' emphasizing that suspensions are temporary and will be lifted once checks confirm no wrongdoing. A 'war room' has been established to handle the influx of complaints, and police received over 600 unlock requests in just two days in mid-September. Officials acknowledge the challenge of distinguishing legitimate transactions from criminal activity, especially as scammers adopt new laundering methods, including exploiting online purchases.

Conclusion

The Bank of Thailand remains committed to its aggressive stance against financial fraud, recognizing the need to protect citizens from significant financial losses, which amounted to nearly 98 billion baht in a single year. While the crackdown aims to secure the financial ecosystem, authorities are working to balance these security imperatives with minimizing disruption for legitimate account holders, continuously refining procedures to accelerate the unfreezing of innocent accounts and restore public confidence.